Shopoff Realty Investments, a national manager of opportunistic real estate investments and sponsor of private placement offerings distributed via independent broker-dealers and registered investment advisors, announced that the company has sold a 0.95-acre lot within its Uptown Newport master development for $26.26 million. Shopoff partnered with a private equity firm in late 2010 to acquire the entirety of the 25-acre Uptown Newport site for $23.5 million.
The buyer, USA Infrastructure Investments (“USAI”), plans to develop a 66-unit luxury condominium project on the property. USAI is a privately held national development firm with multiple award-winning developments throughout the country.
“With approved entitlements in place, this site will provide USAI an ideal starting point for a residential development,” explained Shopoff Realty Investments president and CEO William Shopoff. “In fact, the Uptown Newport master development has already seen great success in its for-rent residential development, One Uptown, and with proper execution, we anticipate subsequent housing developments will realize the same positive result.”
This new luxury condominium project will be designed by nationally acclaimed architectural firm, Lucien Lagrange Studio, and will be developed by USAI. Lucien Lagrange Studio has been the architect for many of the most luxurious residential buildings in America, including renowned projects such as the Chicago Park Hyatt and the Chicago Waldorf Astoria.
The project will feature six stories with 66 luxury condominium units that will average 2,200 square feet. The community will be fully amenitized with features such as a fitness center, resort-style pool, underground parking, state of the art air management system, and upon completion is set to be 2020 Green Building Standards Code compliant.
Shopoff secured entitlements at the Uptown Newport site in 2013 for 1,244 residential units, 11,500 square feet of commercial/retail space and two one-acre parks. The property is divided into two phases, with 11 total lots. Phase 1 will include an already complete one-acre community park, as well as the 458-unit One Uptown Newport luxury apartments. Phase 1 will also include an additional 30 condominium units as well as restaurant and retail space.
Brian Rupp, Shopoff’s executive vice president of development, added, “We’re pleased to see this land go to a developer that understands the vision behind this master development. This new condominium project should provide a fantastic housing option for this transforming area of Newport Beach, which is in need of additional quality housing options for area workers.”